The pullback could extend to 1.2050

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  • EUR / USD loses ground below 1.2200.
  • The 1.2050 zone now emerges as the next support area.

The downward pressure of EUR/USD gains additional momentum below 1.2200.

Bets for further decline are now accelerating with the next stop at the Fibonacci level at 1.2064 before the most relevant region of 1.2050 (May 13 low).

On the broader view, the constructive stance on the EUR / USD is forecast to remain intact as long as it trades above the 200-day SMA, today at 1.1970.

The downside move follows a bearish divergence on the daily RSI as the indicator failed to confirm recent highs.

Daily EUR / USD chart

Technical levels

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